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All posts tagged "Earl Blumenauer"

As First Republic Bank faltered, five members of Congress dumped their personal stock investments

As First Republic Bank faltered, five members of Congress dumped their personal stock investments

At least five members of Congress in mid-March dumped their personal stock shares in now-defunct First Republic Bank — trades that potentially saved the lawmakers or close family members thousands, if not tens of thousands of dollars, according to a Raw Story analysis of congressional financial records.

Reps. Lois Frankel (D-FL), Ro Khanna (D-CA), John Curtis (R-UT), Earl Blumenauer (D-OR) and Dan Goldman (D-NY) each sold their shares between March 15 and March 20 as the bank’s credit rating eroded, stock price tumbled and depositors fled.

The lawmakers’ timing of the trades — four of the five bailed out of First Republic Bank stock while share prices still hovered in the $31-to-$35 range down from February highs in the $140s — allowed them to avoid additional losses beyond what they had already experienced. First Republic’s stock traded below $4 a share by the time JPMorgan Chase bought the failing bank earlier this week....